On 28 June 2021, Director-General of IOFS H.E. Mr. Yerlan Baidaulet and Chief Executive Officer of ICIEC H.E. Mr. Oussama Abdel Rahman Kaissi signed Memorandum of Understanding. The two parties agreed to strengthen their cooperation within the framework of the above-mentioned agreement.

The Memorandum aims to promoting the principles of “South-South/Triangular Cooperation” including technical cooperation mechanisms through the Reverse Linkage Programmes, Export and investment insurance, Centres of Excellence, Extension Services, Development of strategic commodities and various workshops. Special attention will be given to assistance in the promotion and implementation of unique Agri/food business and social projects via International IFPA (full subsidiary of IOFS), including in the field of small and medium enterprises, as well as, attracting investment into the agriculture and food sector.

Moreover, parties agreed to enhance partnership towards disseminating best practices on food safety and halal products in OIC member states to develop intra-OIC food trade. The MoU would be followed by Action Plan. 

IOFS and ICIEC partnership will focus on scaling-up ongoing initiatives and exploring new opportunities to collaborate on global, regional and country-level priorities.

For reference. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is a member of the Islamic Development Bank (IsDB) Group. ICIEC was established on 1st August 1994 (24 Safar 1415H) as an international institution with full juridical personality.

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